Liability of shareholders
Known as the Arkansas Business Corporation Act
The act spans §§ 4–4 (323 sections).
Applied in 2 court decisions — leading case Retro Television Network, Inc. v. Luken Communications, LLC (2012)
Most recently applied in Jones v. Ipawn Rodney Parham, LLC (March 2019)
Acts 1987, No. 958, § 64-607.
(1) A purchaser from a corporation of its own shares is not liable to the corporation or its creditors with respect to the shares except to pay the full consideration, fixed as provided by law, for which the shares were issued or were to be issued.
(2) Unless otherwise provided in the articles of incorporation, a shareholder of a corporation is not personally liable for the acts or debts of the corporation except that he may become personally liable by reason of his own acts or conduct.
Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.